Monetary developments in the euro area: July 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 stood at 3.4% in July 2025, after 3.3% in June, averaging 3.5% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 5.0% in July from 4.7% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -0.8% in July, compared with -1.0% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 6.4% in July from 10.4% in June.